The confirmation follows discussions over the past two months between HBF and various arms of government, including Homes England, urging action be taken to prevent first-time buyers missing out on their hopes of homeownership.
The key points of the Help to Buy practical completion deadline extension are as follows:
- On properties where a developer notifies Homes England (in writing) by 20 December 2022 that it is unlikely to reach Practical Completion by 31 December 2022, the deadline will instead be 31st January 2023.
- This forbearance is only available to customers who already have an Authority to Proceed (ATP) or Authority to Exchange (ATE) in progress. No cancelled applications will be reinstated, and no new or additional reservations can be submitted.
- The letter reiterates that there will be no leniency on the final legal completion deadline of 31 March 2023. As a result, developers will need to report to Homes England on their progress. Where developers have orders they do not think they are able to complete by 31st March 2023, they must communicate this to their customers as soon as possible.
HBF welcomes the extension and the relief it will bring to both future homeowners and HBF members who continue to work hard to deliver much-needed homes to deadline.